“Due to unforeseen circumstances, the public issue could not open on August 23, 2019. We have been duly in touch with BSE officials regarding the same and are working tirelessly to resolve the matter,” the boutique software consulting firm said.
The Pune-based software consulting firm has fixed the issue price at Rs 84 per share and the minimum units one needs to buy is 1,600 shares, requiring a minimum investment of Rs 1,33,400. Overall, 7.36 lakh shares are on the block, worth Rs 6.18 crore.
The company has interests across segments such as mobile app development, web application development, business intelligence and data analytics. In the past, it offered services to the US government, Merck India, Payback Card and several other companies across India, Australia, US and the UK.
Its listed peers included Xelpmoc Design, which had a tepid listing in February this year. Info Beans Technologies and Industry Composite are two other listed entities that the company calls its peers.
The pre-issue net worth of the IT company stood at Rs 2.22 crore as per the restated balance sheet for FY19. The book value as per the restated balance sheet stood at Rs 162.95 for the year. Total debt stood at Rs 1.21 crore.
